The number of households headed by people in their 20s and 30s without a home in Seoul is nearing 1 million, the most on record. By share, 82% of young households living in Seoul are without a home. That is about 10 percentage points higher than the national young non-homeowner rate (74%).
According to the Ministry of Data and Statistics (MODS) on Jan. 9, as of 2024 there were 3,612,321 non-homeowner households nationwide headed by someone 39 or younger. That was the highest since related statistics were first compiled in 2015.
Young non-homeowner households living in Seoul totaled 992,856. That also was the most since the statistics began. Expanding to the greater Seoul area, the figure reaches 2,045,634 households.
The number of young households that have secured their own homes continues to decline. The trend is especially pronounced in Seoul and the greater capital area, where home prices are high. In 2024, the homeownership rate for households aged 39 or younger was 26.3% nationwide, 24.6% in the capital area, and 17.9% in Seoul.
Young people's rent burden has also grown. In the third quarter of last year, the average monthly rent expenditure for households headed by someone 39 or younger was 214,000 won, the highest since a statistical overhaul in 2019. Their average monthly interest expense was 166,000 won, the only age group to see increases for three consecutive quarters. It was the second highest after those in their 40s, who typically have larger mortgage loan balances.
Meanwhile, income conditions weakened, likely worsening the perceived rent burden. In the third quarter of last year, the growth rate of average monthly income (5,036,000 won) for households aged 39 or younger was 0.9%, the lowest among all age groups. The growth rate of disposable income (4,102,000 won), excluding taxes and interest, was only 1.2%.